The tax cut package sponsored by Democrats in the Oklahoma Senate cleared its first legislative hurdle Tuesday (Feb. 8).

The Helping Oklahomans Prosper Economically Plan – or HOPE – is contained in Senate Bill 958 by Senator Jay Paul Gumm, D-Durant. The Senate Finance Committee approved the measure Tuesday on a bipartisan vote.

Gumm, Senate assistant majority leader and chair of the Finance Committee, said the bill would lower taxes on working families, attract new jobs to the state, and protect Oklahomans’ investment in critical programs.

The lawmaker said the proposal would provide hope and opportunity for working families and small businesses across the state.

“Our goal is to work quickly to pass this bill out of the Senate and send it to the House for their consideration,” said Gumm. “I appreciate the strong bipartisan support from members of the Senate Finance Committee. That vote is proof of our commitment to strengthen families and put money back in the pockets of every Oklahoma taxpayer.”

The program combines income and sales tax breaks for individuals and businesses with an expanded incentive plan for new state industries purchasing supplies from other Oklahoma companies.

The plan includes:
• A reduction of income taxes for working families by boosting the standard deduction for the first time in two decades;
• A sales tax holiday on back-to-school shopping during the same weekend and on the same items as the Texas back-to-school sales tax holiday;
• The elimination of taxes on capital gains on Oklahoma-based property for corporations, including small businesses;
• A reduction of income taxes for senior Oklahomans by upping the amount of retirement income that is exempt from state income taxes; and
• An increase of Quality Jobs incentives for qualifying companies that use in-state suppliers.
“The HOPE plan will strengthen families, boost small businesses, and give every Oklahoman the chance to live up to the full promise our state has to offer,” Gumm concluded.

“We will put money back into the pockets of working families and small business while protecting our investments in public schools, health care, job creation and programs that help our most vulnerable citizens. This plan will give Oklahomans real hope to build a better future for our children.”

For more information contact:
Senate Communications Office - (405) 521-5774